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Chevron Announces $20 Billion Capital and Exploratory Budget for 2019

(agenparl) – san ramon, (california), stati uniti gio 06 dicembre 2018 SAN RAMON, Calif.–(BUSINESS WIRE)–Dec. 6, 2018–
Chevron Corporation (NYSE:CVX) today announced a 2019 organic capital
and exploratory spending program of $20 billion.

“Our 2019 budget supports a robust portfolio of upstream and downstream
investments, highlighted by our world-class Permian Basin position,
additional shale and tight development in other basins and our major
capital project at TCO in Kazakhstan,” said Chairman and CEO Michael K.
Wirth. “Our investments are anchored in high-return short-cycle
projects, with more than two-thirds of spend projected to realize cash
flow within two years.”

Wirth continued, “We expect to continue to deliver steady production
growth, enabling continued free cash flow that underpins our strong
dividend and share repurchase program.”

Details of the 2019 Capital and Exploratory Spending Program include:

 

 

 

Chevron 2019 Planned Capital & Exploratory Expenditures

$ Billions

U.S. Upstream

7.6

International Upstream

9.7

Total Upstream

 

 

 

17.3

U.S. Downstream

1.5

International Downstream

1.0

Total Downstream

 

 

 

2.5

Other

0.2

TOTAL (Including Chevron’s Share of Expenditures by Affiliated
Companies)

 

 

 

20.0

Expenditures by Affiliated Companies

(6.3)

Cash Expenditures by Chevron Consolidated Companies

 

 

 

13.7

 

In the upstream business, approximately $10.4 billion is forecasted to
sustain and grow currently producing assets, including $3.6 billion for
the Permian and $1.6 billion for other shale and tight investments.
Approximately $5.1 billion of the upstream program is planned for major
capital projects underway, including $4.3 billion associated with the
Future Growth Project at the Tengiz field in Kazakhstan. Global
exploration funding is expected to be about $1.3 billion. Remaining
upstream spend will be for early stage projects supporting potential
future developments.

Approximately $2.5 billion of planned capital spending is associated
with the company’s downstream businesses that refine, market and
transport fuels, and manufacture and distribute lubricants, additives
and petrochemicals.

Chevron Corporation is one of the world’s leading integrated energy
companies. Through its subsidiaries that conduct business worldwide, the
company is involved in virtually every facet of the energy industry.
Chevron explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and lubricants;
manufactures and sells petrochemicals and additives; generates power;
and develops and deploys technologies that enhance business value in
every aspect of the company’s operations. Chevron is based in San Ramon,
Calif. More information about Chevron is available at www.chevron.com.

As used in this press release, the term “Chevron” and such terms as
“the company,” “the corporation,” “our,” “we,” “us” and “its” may refer
to Chevron Corporation, one or more of its consolidated subsidiaries, or
to all of them taken as a whole. All of these terms are used for
convenience only and are not intended as a precise description of any of
the separate companies, each of which manages its own affairs.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE
PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This press release contains forward-looking statements relating to
Chevron’s operations that are based on management’s current
expectations, estimates and projections about the petroleum, chemicals
and other energy-related industries. Words or phrases such as
“anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,”
“projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,”
“pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,”
“trends,” ”guidance,” “focus,” “on schedule,” “on track,” “is slated,”
“goals,” “objectives,” “strategies,” “opportunities,” and similar
expressions are intended to identify such forward-looking statements.
These statements are not guarantees of future performance and are
subject to certain risks, uncertainties and other factors, many of which
are beyond the company’s control and are difficult to predict.
Therefore, actual outcomes and results may differ materially from what
is expressed or forecasted in such forward-looking statements. The
reader should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Unless legally required, Chevron undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Among the important factors that could cause actual results to differ
materially from those in the forward-looking statements are: changing
crude oil and natural gas prices; changing refining, marketing and
chemicals margins; the company’s ability to realize anticipated cost
savings and expenditure reductions; actions of competitors or
regulators; timing of exploration expenses; timing of crude oil
liftings; the competitiveness of alternate-energy sources or product
substitutes; technological developments; the results of operations and
financial condition of the company’s suppliers, vendors, partners and
equity affiliates, particularly during extended periods of low prices
for crude oil and natural gas; the inability or failure of the company’s
joint-venture partners to fund their share of operations and development
activities; the potential failure to achieve expected net production
from existing and future crude oil and natural gas development projects;
potential delays in the development, construction or start-up of planned
projects; the potential disruption or interruption of the company’s
operations due to war, accidents, political events, civil unrest, severe
weather, cyber threats and terrorist acts, crude oil production quotas
or other actions that might be imposed by the Organization of Petroleum
Exporting Countries, or other natural or human causes beyond the
company’s control; changing economic, regulatory and political
environments in the various countries in which the company operates;
general domestic and international economic and political conditions;
the potential liability for remedial actions or assessments under
existing or future environmental regulations and litigation; significant
operational, investment or product changes required by existing or
future environmental statutes and regulations, including international
agreements and national or regional legislation and regulatory measures
to limit or reduce greenhouse gas emissions; the potential liability
resulting from other pending or future litigation; the company’s future
acquisition or disposition of assets or shares or the delay or failure
of such transactions to close based on required closing conditions; the
potential for gains and losses from asset dispositions or impairments;
government-mandated sales, divestitures, recapitalizations,
industry-specific taxes, tariffs, changes in fiscal terms or
restrictions on scope of company operations; foreign currency movements
compared with the U.S. dollar; material reductions in corporate
liquidity and access to debt markets; the impact of the 2017 U.S. tax
legislation on the company’s future results; the effects of changed
accounting rules under generally accepted accounting principles
promulgated by rule-setting bodies; the company’s ability to identify
and mitigate the risks and hazards inherent in operating in the global
energy industry; and the factors set forth under the heading “Risk
Factors” on pages 19 through 22 of the company’s 2017 Annual Report on
Form 10-K. Other unpredictable or unknown factors not discussed in this
press release could also have material adverse effects on
forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home//en/
Source: Chevron Corporation

Sean Comey, Chevron,

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